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Note 3 – Discontinued Operations – Sale of Consumer Segment | 6 Months Ended
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Oct. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Note 3 – Discontinued Operations – Sale of Consumer Segment | Note 3 – Discontinued Operations – Sale of Consumer Segment In November 2022, the Company agreed to the sale of its Consumer segment consisting of Rotor Riot, (“RR”), and Fat Shark Holdings (“FS”). The closing of the transaction is subject to the successful initial public offering by the buyer, Unusual Machines, Inc. The Company has concluded that the transaction is presently likely to close within the next twelve months. Accordingly, the Consumer segment has been classified as Discontinued Operations and reported in accordance with the applicable accounting standards. See Note 22 for additional information regarding the transaction. Set forth below are the results of operations for the Consumer segment for:
|  | Three months ended October 31, |  | Six months ended October 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  | $ | 1,056,932 |  |  | $ | 782,850 |  |  | $ | 2,926,151 |  |  | $ | 2,725,570 |
Cost of goods sold |  |  | 1,154,200 |  |  |  | 673,046 |  |  |  | 2,539,316 |  |  |  | 2,340,259 |
Gross Margin |  |  | (97,268 | ) |  |  | 109,804 |  |  |  | 386,835 |  |  |  | 385,311 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operations |  |  | 173,825 |  |  |  | 171,055 |  |  |  | 383,805 |  |  |  | 332,838 |
Research and development |  |  | 31,054 |  |  |  | 87,958 |  |  |  | 77,303 |  |  |  | 170,764 |
Sales and marketing |  |  | 287,413 |  |  |  | 168,013 |  |  |  | 691,517 |  |  |  | 363,291 |
General and administrative |  |  | 9,982 |  |  |  | 104,323 |  |  |  | 53,588 |  |  |  | 159,484 |
Total operating expenses |  |  | 502,274 |  |  |  | 531,349 |  |  |  | 1,206,213 |  |  |  | 1,026,377 |
Operating loss |  |  | (599,542 | ) |  |  | (421,545 | ) |  |  | (819,378 | ) |  |  | (641,066 | )
Other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | — |  |  |  | 22,856 |  |  |  | — |
Other, net |  |  | (31 | ) |  |  | (8,050 | ) |  |  | (150 | ) |  |  | (8,174 | )
Other (income) expense |  |  | (31 | ) |  |  | (8,050 | ) |  |  | 22,706 |  |  |  | (8,174 | )
Net loss from discontinued operations |  | $ | (599,511 | ) |  | $ | (413,495 | ) |  | $ | (842,084 | ) |  | $ | (632,892 | )
Assets and liabilities for the Consumer segment included:
|  | October 31, 2023 |  | April 30, 2023
Current assets |  |  |  |  |  |  |  |
Cash |  | $ | 6,310 |  |  | $ | 86,656 |
Accounts receivable, net |  |  | 44,431 |  |  |  | 61,107 |
Inventory |  |  | 2,599,022 |  |  |  | 3,065,954 |
Other |  |  | 1,503,999 |  |  |  | 2,069,438 |
Total current assets |  |  | 4,153,762 |  |  |  | 5,283,155 |
Intangible assets, net |  |  | 20,000 |  |  |  | 20,000 |
Other |  |  | 3,853 |  |  |  | 3,853 |
Operating lease right-of-use assets |  |  | 62,280 |  |  |  | 84,544 |
Total long term assets |  |  | 86,133 |  |  |  | 108,397 |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 64,777 |  |  | $ | 606,872 |
Accrued expenses |  |  | 96,838 |  |  |  | 109,480 |
Debt obligations - short term |  |  | 166,026 |  |  |  | — |
Customer deposits |  |  | 43,936 |  |  |  | 244,688 |
Operating lease liabilities |  |  | 53,060 |  |  |  | 49,461 |
Total current liabilities |  |  | 424,637 |  |  |  | 1,010,501 |
Long term liabilities - Operating lease liabilities |  |  | 14,356 |  |  |  | 41,814 |
Working capital |  | $ | 3,729,125 |  |  | $ | 4,272,654 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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